Arqit and Centricus Announce Closing of Business Combination
September 03 2021 - 3:33PM
Business Wire
Trading on Nasdaq to commence on September 7,
2021 under the ticker “ARQQ”
Arqit Quantum Inc. (“Arqit”), a leader in quantum encryption
technology, today announced the completion of its business
combination with Centricus Acquisition Corp. (“Centricus”), a
special purpose acquisition company. The business combination was
approved at the extraordinary general meeting of Centricus’
shareholders on August 31, 2021 and closed today, September 3,
2021.
The combined company will retain the name Arqit Quantum Inc.
Beginning on September 7, 2021, Arqit’s ordinary shares and
warrants will trade on Nasdaq under the ticker symbols “ARQQ” and
“ARQQW”, respectively.
David Williams, Arqit Founder and Chief Executive Officer,
stated: “Arqit has an important task ahead to protect the data of
our government, enterprises and customers. We are certain that we
invented the most important cyber security technology of the era.
Our QuantumCloud™ software, already launched this month to the
first 20 customers, will run very efficiently and fast on virtually
any device, creating keys which are zero trust and secure against
all computational attacks. When we upgrade the system in two years’
time with the launch of quantum satellites, the entire system also
becomes fully quantum safe. It is overwhelmingly evident that the
world needs stronger, simpler encryption. The completion of this
transaction will enable Arqit now to fulfil its mission. We have
raised cash equal to approximately twice of the funding requirement
of the business, so our destiny is in our own hands. The board of
Arqit Quantum Inc. expresses its thanks for the support of its new
investors and the team at Centricus and the adviser group who have
executed this transition with great care and effectiveness.”
“We are incredibly excited to complete our business combination
with Arqit. As a public company, Arqit will now have the platform
to fully execute against its vision, further accelerate its
commercial programs and establish itself as a leader in the
encryption space. I look forward to continuing to support the
company as a member of the board and helping to make Arqit’s vision
of ensuring a safer environment for businesses and people a
reality,” said Garth Ritchie, Chief Executive Officer and Director
of Centricus.
Arqit’s Founder and Chief Executive Officer, David Williams,
will continue to lead the company.
Deutsche Bank served as financial advisor and capital markets
advisor to Arqit and as a placement agent on the PIPE offering.
J.P. Morgan served as financial advisor to Centricus in connection
with the business combination and as a placement agent on the PIPE
offering. White & Case LLP served as legal advisor to Arqit.
Latham & Watkins LLP served as legal advisor to Centricus.
Sidley Austin LLP served as legal advisor to the placement
agents.
About Arqit: Arqit supplies a unique quantum encryption
Platform-as-a-Service which makes the communications links of any
networked device secure against current and future forms of attack
– even from a quantum computer. Arqit’s product, QuantumCloud™,
enables any device to download a lightweight software agent of less
than 200 lines of code, which can create keys in partnership with
any other device. The keys are computationally secure, don’t exist
until the moment they are needed and can never be known by a third
party. QuantumCloud™ can create limitless volumes of keys in
limitless group sizes and can regulate the secure entrance and exit
of a device in a group. The addressable market for QuantumCloud™ is
every connected device.
Caution About Forward-Looking Statements This
communication includes forward-looking statements. These
forward-looking statements are based on Arqit’s expectations and
beliefs concerning future events and involve risks and
uncertainties that may cause actual results to differ materially
from current expectations. These factors are difficult to predict
accurately and may be beyond Arqit’s control. Forward-looking
statements in this communication or elsewhere speak only as of the
date made. New uncertainties and risks arise from time to time, and
it is impossible for Arqit to predict these events or how they may
affect it. Except as required by law, Arqit does not have any duty
to, and does not intend to, update or revise the forward-looking
statements in this communication or elsewhere after the date this
communication is issued. In light of these risks and uncertainties,
investors should keep in mind that results, events or developments
discussed in any forward-looking statement made in this
communication may not occur. Uncertainties and risk factors that
could affect Arqit’s future performance and cause results to differ
from the forward-looking statements in this release include, but
are not limited to: (i) risks that the business combination
disrupts Arqit’s current plans and operations, (ii) the outcome of
any legal proceedings that may be instituted against the Arqit
related to the business combination, (iii) the ability to maintain
the listing of Arqit’s securities on a national securities
exchange, (iv) changes in the competitive and regulated industries
in which Arqit operates, variations in operating performance across
competitors, changes in laws and regulations affecting Arqit’s
business and changes in the combined capital structure, (v) the
ability to implement business plans, forecasts, and other
expectations after the completion of the business combination, and
identify and realize additional opportunities, (vi) the potential
inability of Arqit to convert its pipeline or orders in backlog
into revenue, (vii) the potential inability of Arqit to
successfully deliver its operational technology which is still in
development, (viii) the risk of interruption or failure of Arqit’s
information technology and communications system and (ix) the
enforceability of Arqit’s intellectual property.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210903005453/en/
Media relations enquiries: Arqit: Julie Moon +44 7825 503
950 Julie.moon@arqit.uk SEC Newgate: arqit@secnewgate.co.uk
Investor relations enquiries: Gateway:
arqit@gatewayir.com
Centricus Acquisition (NASDAQ:CENH)
Historical Stock Chart
From May 2024 to Jun 2024
Centricus Acquisition (NASDAQ:CENH)
Historical Stock Chart
From Jun 2023 to Jun 2024